OOCORP Properties

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The Lagos State Government on Monday said that the net value of infrastructure at the Lekki Free Zone stood at $4bn. The state Commissioner for Commerce, Industry and Cooperatives, Mr Rotimi Ogunleye, disclosed this in Alausa at the ongoing ministerial briefing to commemorate Gov. Akinwunmi Ambode’s second year in office. Ogunleye said that 116 investors had so far registered with the LFZ out of which 16 had commenced full operations. He said that the state government, had in the last two years, released N698.47m as part of the state’s equity contribution to the joint venture. “This is part of the effort to ensure speedy development of the zone and honour the state’s obligation on counterpart funding of the project,” he said. Ogunleye said that the state had also disbursed N740.46m as compensation to communities affected by the LFZ project. The commissioner said that the LFZ remained a landmark industrial project for the state government. According to Ogunleye, pl